Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - BOWL AMERICA INC | Financial_Report.xls |
| EX-32 - EXHIBIT 32 - BOWL AMERICA INC | ex32.htm |
| EX-31.1 - EXHIBIT 31.1 - BOWL AMERICA INC | ex31-1.htm |
| EX-31.2 - EXHIBIT 31.2 - BOWL AMERICA INC | ex31-2.htm |
| 10-Q - FORM 10-Q - BOWL AMERICA INC | bowl_10q-123012.htm |
Exhibit 20 to Form 10-Q
Press release issued February 12, 2013
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For Immediate Release
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February 12, 2013
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BOWL AMERICA REPORTS INCREASED SECOND QUARTER EARNINGS
Bowl America Incorporated today reported that fiscal year 2013 second quarter earnings increased to $.09 per share from $.07 per share in the prior year period. The improvement resulted from reduced operating costs, primarily utilities and insurance. Earnings for the current and prior year six-month periods were $.04 and $.02 per share, respectively. Last year’s second quarter included the high-traffic period of Christmas through New Year’s Day. The New Year’s holiday will fall in this year’s third quarter.
The Company has a long history of building reserves and carrying no debt. In December 2012, after reviewing those reserves and possible changes in the federal tax rate on dividends, the Company paid a special dividend of $.50 per share. The funding for this dividend was from Retained Earnings on which the Company has already paid income taxes ranging from 34% to as high as 51%. Additionally, the third quarter regular dividend of $.165, usually paid in February, was paid in December 2012.
.
Bowl America operates 19 bowling centers and its Class A Common Stock trades on the NYSE MKT Exchange with the symbol BWLA. A more detailed explanation of results is available in the Company’s S.E.C. Form 10-Q filing, available at the Company’s web site www.bowlamericainc.com.
BOWL AMERICA INCORPORATED
Results of Operations
(unaudited)
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Thirteen weeks ended
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Twenty-six weeks ended
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|||||||||||||||
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December
30,
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January
1,
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December
30,
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January
1,
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|||||||||||||
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2012
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2012
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2012
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2012
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Revenues
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Bowling and other
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$
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4,368,238
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$
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4,503,640
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$
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8,042,718
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$
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8,401,703
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Food, beverage & merchandise sales
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1,836,735
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1,926,499
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3,349,499
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3,524,037
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6,204,973
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6,430,139
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11,392,217
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11,925,740
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Operating expenses excluding depreciation and amortization
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5,236,336
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5,592,063
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10,535,105
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11,205,677
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Depreciation and amortization
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386,728
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398,634
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777,115
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822,401
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Interest & dividend income
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119,065
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145,595
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250,284
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264,032
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Earnings before taxes
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700,974
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585,037
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330,281
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161,694
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Net Earnings
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$
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455,674
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$
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380,267
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$
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214,681
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$
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105,094
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Comprehensive earnings (loss)
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$
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115,301
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$
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509,086
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$
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75,573
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$
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(10,592
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)
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Weighted average shares outstanding
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5,151,471
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5,151,471
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5,151,471
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5,151,471
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EARNINGS PER SHARE
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.09
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.07
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.04
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.02
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SUMMARY OF FINANCIAL POSITION
(unaudited)
Dollars in Thousands
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12/30/12
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01/01/12
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ASSETS
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Total current assets including cash and short-term investments of $2,576 & $7,232
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$
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3,963
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$
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8,603
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Property and investments
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31,197
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31,361
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TOTAL ASSETS
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$
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35,160
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$
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39,964
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Total current liabilities
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$
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2,990
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$
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3,847
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Other liabilities
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2,685
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2,475
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Stockholders' equity
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29,485
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33,642
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$
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35,160
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$
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39,964
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